Comerica (NYSE:CMA) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Comerica (NYSE:CMA) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group reduced their price target on shares of Comerica from $69.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Morgan Stanley upped their target price on shares of Comerica from $50.00 to $61.00 and gave the stock an equal weight rating in a research report on Monday, August 5th. Raymond James raised shares of Comerica from a market perform rating to an outperform rating and set a $60.00 price target for the company in a report on Tuesday, July 2nd. Barclays reduced their price objective on Comerica from $59.00 to $56.00 and set an underweight rating on the stock in a report on Monday, July 22nd. Finally, JPMorgan Chase & Co. lowered their target price on Comerica from $62.00 to $57.00 and set a neutral rating for the company in a research note on Thursday, June 27th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has a consensus rating of Hold and an average price target of $58.24.

Comerica Price Performance

NYSE:CMA opened at $59.47 on Tuesday. The firm has a market cap of $7.88 billion, a PE ratio of 11.82 and a beta of 1.23. The company’s 50-day moving average price is $55.46 and its two-hundred day moving average price is $52.87. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 12 month low of $37.40 and a 12 month high of $61.84.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same period in the prior year, the company earned $2.01 EPS. On average, equities analysts anticipate that Comerica will post 5.06 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.78%. Comerica’s dividend payout ratio is 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by company insiders.

Institutional Trading of Comerica

Large investors have recently bought and sold shares of the business. Family Firm Inc. acquired a new position in shares of Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. boosted its stake in Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc boosted its stake in Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Abich Financial Wealth Management LLC increased its holdings in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares in the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of Comerica in the second quarter valued at about $56,000. 80.74% of the stock is owned by institutional investors.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.